MAIA Biotechnology Announces Closing of Initial Public Offering

Rhea-AI Summary

MAIA Biotechnology, Inc. has successfully closed its initial public offering, issuing 2,000,000 shares at a price of $5.00 per share, resulting in gross proceeds of $10,000,000. The shares began trading on the NYSE American on July 28, 2022, under the ticker symbol MAIA. The proceeds will fund the Phase 2 trials of its product candidate THIO and support further development of telomere-targeting compounds. Underwriters are granted a 45-day option to purchase an additional 300,000 shares to cover overallotments.

Positive

• Gross proceeds of $10,000,000 from the IPO.
• Funding Phase 2 trials of product candidate THIO.
• Potential for additional capital through the overallotment option.

Negative

• None.

CHICAGO--(BUSINESS WIRE)-- MAIA Biotechnology, Inc., (NYSE American: MAIA) (“MAIA”, the “Company”), a clinical-stage biopharmaceutical company developing targeted immunotherapies for cancer, today announced the closing of its initial public offering of 2,000,000 shares of the Company’s common stock at a public offering price of $5.00 per share. The gross proceeds from the initial public offering were $10,000,000 prior to deducting underwriting discounts, commissions, and other offering expenses. The Company has granted the underwriters a 45-day option to purchase up to an additional 300,000 shares of common stock at the initial public offering price less discounts and commissions, to cover over-allotments.

The shares of common stock began trading on the NYSE American on July 28, 2022 under the ticker symbol "MAIA.”

ThinkEquity acted as sole book-running manager for the offering.

The Company intends to use the net proceeds from the initial public offering to fund the first part of the Phase 2 trials of the Company’s product candidate THIO, pre-clinical development of second-generation of telomere targeting compounds and other research and development activities, as well as for working capital and other general corporate purposes.

The Registration Statement on Form S-1 (File No. 333-264225) relating to the shares of common stock being sold in this offering has been filed with the U.S. Securities and Exchange Commission (the “SEC”) and became effective on July 27, 2022. A final prospectus related to the proposed offering has been filed and is available on the SEC’s website at https://www.sec.gov/. The offering is being made only by means of a prospectus. Electronic copies of the final prospectus may be obtained, when available, from ThinkEquity, 17 State Street, 41st Floor, New York, New York 10004, by telephone at (877) 436-3673 and by email at prospectus@think-equity.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About MAIA Biotechnology, Inc.

MAIA is a clinical-stage biopharmaceutical company developing targeted immunotherapies for cancer. The Company’s lead program is THIO, a potential first-in-class cancer telomere targeting agent in clinical development for the treatment of patients with telomerase-positive cancers. For more information, please visit www.maiabiotech.com.

Forward Looking Statements

This press release includes forward-looking statements including, but not limited to, statements related to the closing of the offering and the expected use of proceeds, development of drug candidates, our operations and business strategy, our expected financial results, and corporate updates. The forward-looking statements contained in this press release are based on management’s current expectations and are subject to substantial risks, uncertainty and changes in circumstances. Actual results may differ materially from those expressed by these expectations due to risks and uncertainties, including, among others, those related to our ability to obtain additional capital on favorable terms to us, or at all, including, without limitation, to fund our current and future preclinical studies and clinical trials and the success, timing and cost of our drug development program and our ongoing or future preclinical studies and clinical trials, including, without limitation, the possibility of unfavorable new clinical and preclinical data and additional analyses of existing data, that the risks that prior clinical and preclinical results may not be replicated, and risks associated with the current coronavirus pandemic. Forward-looking statements speak only as of the date of this press release, and we undertake no obligation to review or update any forward-looking statement except as may be required by applicable law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220801005742/en/

Investor Inquiries

MAIA Biotechnology

Joseph McGuire

Chief Financial Officer

jmcguire@maiabiotech.com

904-228-2603

ICR Westwicke

Stephanie Carrington

Stephanie.carrington@westwicke.com

646-277-1282

Source: MAIA Biotechnology, Inc.

FAQ

What was the public offering price for MAIA's shares?

The public offering price for MAIA's shares was $5.00 per share.

How much capital did MAIA raise from the IPO?

MAIA raised gross proceeds of $10,000,000 from its IPO.

When did MAIA's shares begin trading?

MAIA's shares began trading on the NYSE American on July 28, 2022.

What will the proceeds from MAIA's IPO be used for?

The proceeds will be used to fund Phase 2 trials of THIO and for general corporate purposes.

What is the ticker symbol for MAIA Biotechnology?

The ticker symbol for MAIA Biotechnology is MAIA.